NEW ORLEANS, July 12, 2012 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO), ( www.treatyenergy.com), a growth-oriented international energy company, announced today the appointment of George W. Warren Jr to the company's Board of Directors as Independent Non-Executive Director, effective September 1, 2012.
Andrew V. Reid, Chairman of Treaty Energy Corporation, commented, " George Warren first became an investor in Treaty in September of 2011. After several meetings and conversations he indicated he would like to introduce Treaty to possible investors in Malaysia. After many months of due diligence a group of investors, introduced to us by Mr. Warren, began acquiring shares in Treaty. Once the Malaysian group achieved a sizable equity position they requested Board representation as they continued to grow their investment in our company."
Mr. Reid added, "Treaty decided that in order to more fully benefit from this growing relationship it would be prudent to offer Mr. Warren a seat on our board of directors, an offer he accepted. We believe that Mr. Warren will be integral to bringing major foreign investment and technical expertise to Treaty Energy that will help propel the company toward our goal of becoming a Major Oil Exploration and Production Company."
As an Independent Non-Executive Director of Treaty Energy, Mr. Warren will have the same general fiduciary responsibilities to the company as any other Director. The Board as a whole is collectively responsible for the success of the company.The Treaty Board of Directors:
- Provides entrepreneurial leadership of the company within a framework of prudent and effective controls which enable risk to be assessed and managed.
- Sets the company's strategic aims, ensures that the necessary financial and human resources are in place for the company to meet its objectives, and reviews management performance.
- Sets the company's values and standards and ensured that its obligations to its shareholders and others are understood and met.
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